Stocks Get Tech Boost Despite Pickup in Inflation: Markets Wrap
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(Bloomberg) — A rally in technology giants drove stocks toward all-time highs, overshadowing data showing a resurgence in inflation that has fueled wagers the Federal Reserve will keep rates higher for longer.
Swiss Population Cap Study Shows 12% GDP Hit by End of Century
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(Bloomberg) — A Swiss population cap of 10 million risks curbing economic output by as much as 12% through the end of the century, according to a government-commissioned study.
Zurich Sees No Decline in $10 Billion Private Credit Portfolio
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(Bloomberg) — Zurich Insurance Group AG said it sees “no signs of impairment or declines in quality” in its private credit investments, which amount to roughly $10 billion invested across senior corporate lending, mid-market loans and infrastructure debt.
Chip Stocks Sink as Inflation Woes Boost US Yields: Markets Wrap
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(Bloomberg) — A selloff in high-flying chipmakers drove stocks lower, with the market also falling alongside bonds after inflation data showed the impacts of energy disruptions stemming from the war in Iran.
Amazon Sells Swiss Franc Bond Offering in Record Six Parts
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(Bloomberg) — Amazon.com Inc. sold its first Swiss franc bonds across a record six tranches, as Big Tech looks beyond its regular debt markets to raise funds.
Swatch Quashes Activist Attempt to Shake Up Hayek Stronghold
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(Bloomberg) — Shareholders of The Swatch Group AG rejected US activist investor Steven Wood’s push for a seat on the watchmaker’s board of directors for a second time, reinforcing the controlling Hayek family’s hold on the company.
Sneaker Brand On Disappoints Investors With Sales Outlook
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(Bloomberg) — On Holding AG kept its sales outlook unchanged, disappointing investors even after a robust first quarter that saw consumers snap up the Swiss brand’s apparel and new sneakers including the $170 Cloudtilt Remix.
ECB Must Act If Iran War Threatens Price Stability, Nagel Says
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(Bloomberg) — The European Central Bank will continue analyzing the economy before deciding next month whether to raise interest rates, but policymakers must take action if the Iran war jeopardizes price stability, according to Governing Council member Joachim Nagel.
US Citizen Infected With Hantavirus Now Isolated in Nebraska
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(Bloomberg) — A US citizen who was infected with hantavirus from the Hondius cruise ship is being cared for in a biocontainment unit in Nebraska, US health officials said Monday, while another who developed symptoms despite not testing positive is being treated at Emory University in Atlanta.
Oil Climbs as US-Iran Deadlock Lifts Bond Yields: Markets Wrap
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(Bloomberg) — A renewed advance in oil prices sent bonds lower after the US and Iran failed to agree on terms to end their war, dashing hopes for a revival of the Strait of Hormuz while stoking inflation concerns.
Amazon Prepares to Sell First Swiss Franc Bond in AI Push
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(Bloomberg) — Amazon.com, Inc. is preparing to issue Swiss franc bonds for the first time, as Big Tech hyperscalers turn to new debt markets to fund artificial intelligence spending.
Breitling Cuts Jobs as Swiss Franc and Luxury Slump Hit Results
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(Bloomberg) — Breitling AG is laying off dozens of employees as the Swiss watchmaker, whose models include the pilot-focused Navitimer, grapples with softening luxury demand and higher costs.
Charting the Global Economy: US Job Growth Exceeds Projections
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(Bloomberg) — Employers in the US boosted payrolls in April by more than projected after an even bigger increase a month earlier, suggesting the labor market may be gaining momentum after near-zero job growth last year.
Private Equity Taps Junk Market for Dividends as Exits Stall
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(Bloomberg) — Private equity firms are once again tapping the European junk debt market to pay themselves dividends as market volatility fueled by the Iran war and AI anxiety limits their ability to cash out.
Stocks Hit Record High on Jobs as Chipmakers Surge: Markets Wrap
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(Bloomberg) — Signs of labor-market strength drove stocks to all-time highs, bolstering speculation that the world’s largest economy remains resilient in the face of an energy shock triggered by the Iran war.
Bitcoin Campaign to Force SNB Holdings Has Failed, Reuters Says
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(Bloomberg) — Swiss crypto campaigners have abandoned a bid to require the central bank to hold Bitcoin after failing to collect enough signatures to trigger a plebiscite, Reuters reported.
Novo Nordisk’s Ozempic India Price Cut Boosts Obesity Drug Sales
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(Bloomberg) — Novo Nordisk A/S saw a 40% surge in sales of its diabetes and weight-loss drugs in India last month, after steep price cuts boosted demand for its branded treatments even as generic GLP-1 therapies flood the market.
Hillhouse Is Said to Near Deal for Marsh’s Risk Adviser and Broker PCS
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(Bloomberg) — Hillhouse Investment is nearing a deal to buy Mercer’s Private Client Services, an Asia-led business offering wealth protection and life insurance, according to people familiar with the matter.
Stocks Fall on Doubts Over Imminent US-Iran Deal: Markets Wrap
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(Bloomberg) — A rally that drove stocks to record highs faltered and oil whipsawed as doubts resurfaced about an imminent US-Iran deal that would revive energy flows through the key Strait of Hormuz.
UBS China Banking Co-Head Sun to Leave Firm After 17 Years
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(Bloomberg) — UBS Group AG’s co-head of China global banking plans to leave the firm after 17 years, according to a memo seen by Bloomberg News, the latest in a series of senior staff changes at investment banks in Asia.
